Ayala Pharmaceuticals Inc (ADXS)

[jckrdu]

Fbg - May need to agree to disagree on that point as I don't think you can infer anything on terms for any upcoming HOT deal, based on what ADXS got from AMGEN on NEO.

NEO deal was for whole program - Includes treating any patient with any type of cancer.

HOT deals will be broken out by indication, so in my view target markets and hence size of any individual construct-based-deals will likely be smaller, hence my belief that KB will want to optimize terms by having data before partnering. Counterpoint is off-the-shelf, lower-cost aspects of HOT make it more valuable, especially for large target markets like NSCLC, so who knows.

GL.